> Office space availability varies widely by location, with DUMBO at a historic low 2% vacancy rate while Downtown Brooklynis nearly 15%. However with the residential conversion of seven office buildings underway or completed, and increased leasing activity beginning in 2011, Downtown Brooklyn office space is being steadily absorbed, and none will be added to the market.
> Modern buildings in MetroTech have seen nearly 600,000 RSF in leasing in the last 24 months, putting a huge dent in the vacancy rate.
> Retail is quite strong, with more tenants in the market than space, causing rents to rise again after three years of decline!
> Residential real estate shows a shortage of both town houses and condominiums in the brownstone areas around Downtown Brooklyn, with rentals extremely strong as prices continue to rise. Over 4,000 units have been absorbed in the last four years.
